Gold prices are up 0.56% this week after the yellow metal faces a volatile week. Since Monday’s market opening price of $1,797/oz, gold prices have increased to $1,807/oz at the time of writing. The weekly high was observed at $1,815/oz while the weekly low was recorded at $1,790/oz. On a 3 month basis, gold’s value has increased 1.69%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver prices are down just -0.13% as the metal sees its price decrease from Monday’s market open price of $22.49/oz to today’s price of $22.46/oz. In the last week, the white metal saw its value reach a high of $23.01/oz shortly after market open on Monday. The weekly low was $22.06/oz. In the last 3 months, the metal is down -5.45%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum prices are up 0.29% in the last 5 days as the metal sees its price increase from Monday’s market opening price of $1,021/oz to $1,024/oz at the time of writing. This week, the industrial metal experienced a high of $1,048/oz and a low of $1,012/oz. On a 3 month basis, platinum’s value is still down -1.16.
Palladium brings its massive gains to a halt this week as the metal reports a -1.71% loss this week after increasing its value by around 27% in the last month. This week, the metal’s value decreased from Monday’s market opening price of $2,333/oz to $2,294/oz at the time of writing. The weekly high was recorded at $2,420/oz and the weekly low at $2,283/oz. In the last 3 months, the metal remains up 16.30%.
Rhodium prices incresed for the 15th consecutive week as the metal reports an increase of 0.59% with its price increasing from $16,850/oz to today’s price of $16,950/oz.
Gold saw some strong selling when the US Nonfarm Payrolls and the Unemployment rate data was released on Friday. The data showed that 467,000 jobs were added in the US Economy in January beating analysts’ expectations by a substantial 110,000. While nonfarm payrolls came out higher, the unemployment rate increased to 4.0%. Despite the selling pressures, gold remains firm at the psychological resistance of $1,800/oz.
Palladium has held its ground at these new high prices. Although it dipped last week, its price is still very much elevated compared to a month ago. There are multiple factors contributing to the rise of prices in palladium and potentially platinum too. Both metals are used in catalytic converters in vehicles. As the global semiconductor chip shortage eases, the demand for these metals are set to increase tremendously. In North America alone, vehicle prices have increased 45%. Furthermore, Russia is the world’s largest producer of Palladium and second largest producer of Platinum. It’s current political standing with its tensions with Ukraine may disrupt world supply and investors have been buying the metal in the event that this may happen.
